New Report Shows Why Corporate Lobbyists' Proposals Should Not Be Part of Budget Deal
http://www.ctj.org/taxjusticedigest/archive/2012/12/new_report_shows_why_corporate.php
A new report from Citizens for Tax Justice explains that among the Fortune 500 corporations, 290 have revealed that they, collectively, held nearly $1.6 trillion in profits outside the United States at the end of 2011. This is one indication of how much they might benefit from a so-called territorial tax system, which would permanently exempt these offshore profits from U.S. taxes.
Just 20 of the corporations including household names like GE, Microsoft, Apple, IBM, Coca-Cola and Goldman Sachs held $794 billion offshore, half of the total. The data are compiled from figures buried deep in the footnotes of the 10-K financial reports filed by the companies annually with the Securities and Exchange Commission.
The appendix of the report includes the full list of 290 corporations and the size of their offshore profits in each of the last three years, as well as the state in which their headquarters is located.
Corporate lobbyists and their allies in Congress are pushing for two changes that would benefit their investors but leave America worse off. Neither one of these should be included in any deal coming out of the so-called fiscal cliff negotiations.